Selling

Selling Frequently Asked Questions

What is an open listing?

An open listing is when you engage more than one agent to sell your home. Each agent advertises the home to try to find a buyer for you. You only pay commission to the agent who is successful at selling the home once the contract is completed.

This may result in your property being advertised across a wide net of potential buyers, although it does leave you exposed to the risk of the old saying, “all care and no responsibility.” This is because you are juggling multiple agents, all trying to provide feedback to you and arrange inspections or open homes at the same times. It can result in nobody really focussing on you and your property.

This might not result in the best price. One of the agents may present you an offer which you accept, then five minutes later the phone could ring, with a call from another agent with a better offer – you could potentially miss getting the best price. By having all potential buyers funnelled through one agent, you can be sure you have a clear communication pathway for negotiations.

First thing I should do before my home goes on the market?

Presentation and first impressions matter. First thing we suggest is go and stand across the road from your house and spend 10 minutes objectively looking at your home as if you were a buyer looking at it for the first time.

What can you really see? A shrub that needs trimming away from the gutter, a loose handrail on the verandah? These are the types of presentation issues that matter – you only get one chance to make a first impression. Make sure that when potential buyers look at the photo of your house on the internet or drives past, they see it at its best. You want them to say, “Yes- that house looks great – I want to see inside”.

The good news is that your street appeal can usually be improved quickly and with little cost. Cleaning, trimming the garden and a general tidy up can make a huge difference.

Should I renovate the kitchen/bathroom before listing?

Generally speaking – kitchens and bathrooms sell houses, but it doesn’t mean a huge renovation is needed in your home before listing it for sale.

A $10,000 kitchen make over doesn’t always result in $10,000+ being achieved in the sale price.

If a buyer comes along who loves everything else about your house but the new kitchen colours have really put them off, then it makes you wonder if it wouldn’t have been better to market the house as is and let people put a new kitchen in themselves.

That doesn’t mean you can’t spruce up your kitchen or bathroom to have it looking its best for the market.

Ask your agent for advice before you outlay large amounts on renovations.

How to get ready for an open house?

When potential buyers attend an open house they are looking for a home they can live in or rent out. It is important that they can imagine themselves living in the home and that it suits their needs.

Removing personal items and clutter allows them to see the actual home and appreciate its benefits. Clutter and over-full rooms can make them appear smaller or less airy. Buyers may even assume the home has poor storage.

Buyers do appreciate a clean home with inside and outside looking the best it can. It sends the message that the home has been well cared for and is in good condition. Extra time spent giving your home a spring clean can really pay off when buyers are narrowing down their shortlist.

Go out for a coffee or a stroll in the park during the open house. Buyers can be uncomfortable looking through when they know the owners are home. Buyers should feel relaxed as this allows them to imagine themselves living in the home.

What happens to the deposit?

When a buyer pays a deposit, it is usually held in the agent’s Trust Account until settlement. The other alternative is a solicitors Trust Account. Depending on the amount – it is generally then released to the agent to pay part of the commission. For example $10,000 commission is owing on a sale and there is a $2,000 deposit. At settlement, with your approval, your solicitor will arrange payment to the agent for $8000 from the sale proceeds and give the agent permission to claim the $2000 deposit for the balance of the commission owed.

If the deposit was larger than the agents commission than instructions would be provided by the sellers via their solicitors on how to disburse the funds at settlement.Can I sell my home with a tenant in it?

Yes. The terms of the lease must be accepted by the buyer with tenancy details forming part of the contract. The terms of the tenants lease don’t change and they are entitled to reside in the property until the end of their lease, unless both parities negotiate and agree to an early termination of the existing agreement.

The tenants must be given notice that the property is for sale and the law followed regarding inspections and open homes.

At McAdam and Turnbull Realty we work to build good relationships with our tenants so if a property is for sale we have the tenants’ co-operation throughout the process. We work with the tenant to find mutually agreeable times for open homes and inspections and we find by showing the tenants respect during this process they are more co-operative with presentation and throughout the process.